20 November,2022 05:47 PM IST | Mumbai | PTI
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An offence has been registered against two brothers for allegedly floating a ponzi scheme and cheating investors to the tune of Rs 20 lakh in Maharashtra's Nagpur district, police said on Sunday.
Based on a complaint lodged by an investor, the police on Saturday registered a case under section 420 (cheating) and other relevant provisions of the Indian Penal Code and Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, an official said.
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The accused allegedly floated two ponzi schemes Aryan Pratidin Fund and Aryan Reserve Fund in January 2016, and lured investors with promise of high returns, he said.
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The accused collected Rs 20 lakh from investors and defrauded them, the official said, adding that further probe is underway.
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